L3 announces new peering policy

What's changed is the introduction of "bit miles" as a means of
calculating equality, where traffic ratios might previously have been
used. Explained further, as pointed out on-list earlier:

http://fjallfoss.fcc.gov/ecfs/document/view?id=7021703819
http://fjallfoss.fcc.gov/ecfs/document/view?id=7021703818

What will be interesting is whether new peering adjacencies crop up as
a result of the new policy (I can think of several "smaller" global
networks which now qualify, as it's written), or if this is just
posturing on Level 3's part. The next few months will be interesting
for sure...

Note the distinction in the new peering relationship requirement -- only direct adjacencies with other transit-providing ASes count.

...or did that change happen some time ago and I'm just noticing it now (?)

TV

It is new.

I'm unclear how that has anything to do with what they need as a business other than to carve out potential customers from the pool.

Actually, we are all very clear....